Kingdom announces sharp rise in budget shortfall amid the effective closure of the Strait of Hormuz.
Saudi Arabia has posted a sharp rise in its budget deficit amid declining oil revenues due to the effective closure of the Strait of Hormuz.
The kingdom’s budget shortfall widened to 125.7 billion riyals ($33.5bn) in the first three months of the year as rising government spending coincided with a fall in crude sales, according to the latest budget figures released by the Saudi Ministry of Finance on Tuesday.
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Total government spending rose 20 percent to 386.7 billion riyals year-on-year, while oil revenues fell 3 percent to 144.7 billion…
